Audit Overhaul Warrants Revision Of Partnership Agreements

Law360, New York (November 5, 2015, 5:59 PM EST) -- An audit and tax collection overhaul for partnerships including hedge funds and private equity firms, which was signed into law by President Barack Obama this week, should prompt changes to nearly every U.S. partnership agreement, experts say.

The audit changes were included as part of the Bipartisan Budget Act of 2015, the two-year spending deal passed by Congress last week. In a broad sense, the new law repeals the Tax Equity and Fiscal Responsibility Act of 1982 and ushers in a new regime in which tax adjustments are made at the partnership level rather than at the level of the individual...

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